Efficiency and Macroeconomic Consequences of Deterministic and Stochastic Inflation

确定性和随机通货膨胀的效率和宏观经济后果

• 批准号: 9008775
• 负责人: Roland Benabou
• 金额: --
• 依托单位: Massachusetts Institute of Technology
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 1990
• 资助国家: 美国
• 起止时间: 1990-07-15 至 1993-06-30
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9008775&HistoricalAwards=false
• 关键词: Efficiency; Macroeconomic; Consequences; Deterministic; Stochastic

This project develops models of the interaction of inflation with the price system which are microtheoretic but can be aggregated to shed light on inflation. Two complementary directions of research are pursued, corresponding to the deterministic and stochastic components of inflation. First, the project studies inflationary trends in a monopolistically competitive search market with costly price setting. The model captures the idea that inflation results, through increased price dispersion, in more resources spent on search. Second, the project examines the effects of the variance in inflation rates, in a duopoly model where buyers and sellers face a Lucas-type signal extraction problem. The central issues here are how inflation variability affects the informational content of prices, buyers' incentives to become informed, and firms' monopoly power. According to conventional macroeconomic wisdom, one of the main channels through which inflation disrupts the efficiency of markets is through the increased variability and dispersion of relative prices. This in turn is said to cause many inefficiencies, such as incorrect production decisions, more resources spent on search and a deterioration in the informational content of prices. There is substantial empirical support of this view of inflation. The contribution of this project comes from developing a rigorous microeconomic foundation for addressing the macroeconomic issue of inflation and for interpreting empirical facts. By dealing with inflation both in trend and in variance, and analyzing its effects in two very different models, this project should encompass a wide range of efficiency effects, and cast theoretical light on several important propositions about inflation.

这个项目开发了通货膨胀与通货膨胀之间相互作用的模型。 价格体系是微观的，但可以聚合， 揭示了通货膨胀。 两个互补的研究方向 是追求，对应于确定性和随机性 通货膨胀的组成部分。 首先，该项目研究通货膨胀 垄断竞争的搜索市场的趋势， 定价。 该模型捕捉到了通货膨胀的结果， 通过增加价格分散度， 搜索 第二，项目检查方差的影响 在双寡头模型中， 面临卢卡斯式的信号提取问题 的中心问题 以下是通货膨胀的可变性如何影响信息 价格的内容，买方了解情况的动机，以及 企业的垄断力。 根据传统的宏观经济智慧， 通货膨胀扰乱市场效率的渠道 是通过增加相对的变异性和分散性， 价格 这反过来又会导致许多低效率，例如 因为错误的生产决策，更多的资源花在搜索上 以及价格信息含量的恶化。 那里 是对这种通货膨胀观点的大量实证支持。 的 该项目的贡献来自于开发一个严格的 解决宏观经济问题的微观经济基础 通货膨胀和解释经验事实。 通过处理 通货膨胀的趋势和方差，并分析其影响 在两个非常不同的模型中，该项目应包括广泛的 一系列的效率效应，并在理论上阐明了几个 关于通货膨胀的重要命题